REG - North Atlantic Smlr - Half-year Report
15/09/2023 07:00
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RNS Number : 5097M North Atlantic Smlr Co Inv Tst PLC 15 September 2023
North Atlantic Smaller Companies Investment Trust plc
Half-Yearly Report for the six months ended 31 July 2023
Registered in England and Wales number 1091347
objective of the company and financial highlights
North Atlantic Smaller Companies Investment Trust plc is a company
incorporated and registered in England and Wales.
The objective of the Company is to provide capital appreciation through
investment in a portfolio of smaller companies principally based in countries
bordering the North Atlantic Ocean.
31 July 31 January %
2023 2023 Change
(unaudited) (audited)
Net asset value ("NAV") per 5p Ordinary Share*:
Basic and diluted 4,929p 5,097p (3.3)
Basic and diluted adjusted# 5,174p 5,236p (1.2)
Mid-market price of the 5p Ordinary Shares 3,900p 3,900p -
Discount to net asset value 20.9% 23.5%
Discount to adjusted net asset value 24.6% 25.5%
Standard & Poor's 500 Composite Index† 3,569.00 3,307.30 7.9
Russell 2000 Index† 1,557.90 1,567.40 (0.6)
Ongoing charges (annualised) 1.2% 1.4%
* Includes current period.
# Adjusted to reflect Oryx International Growth Fund plc ("Oryx") under the
equity method of accounting, which is how the Company previously accounted for
its share of Oryx, prior to the adoption of IFRS 10. This is useful to the
shareholder as it shows the NAV based on valuing Oryx at NAV. See note 6.
† Sterling adjusted.
chief executive's review
During the six months under review the net asset value fell by 1.2% due
entirely to the fall in the dollar relative to sterling of 4.4%. The Standard
& Poors Dollar Adjusted Index rose almost entirely due to seven large
megacaps to which the portfolio had no exposure.
Performance compared against appropriate UK indices where the majority of the
portfolio is invested remains favourable.
The Trust reported net income for the period of £4,615,000 (2022 £462,000
loss). Consistent with prior years, no dividend is being declared at this
stage although the Board intends to declare an interim dividend in February
when the results for the year become clearer. Based on current expectations,
it is anticipated that dividends in respect of the financial year ending
January 2024 will comfortably exceed that paid in respect of fiscal 2023.
During the six month period the Trust purchased approximately 95,000 shares
for cancellation at a discount to NAV of approximately 25%. This policy which
is ongoing increased the net asset value for all long term shareholders and
helped to modestly reduce the discount compared to the end January 2023 net
asset value at a time when many other trusts, particularly those with unquoted
holdings, have seen a significant widening.
quoted portfolio
The market for quoted investments has been particularly tough over the past
six months as evidenced by the weakness in the various small cap indices. The
reasons for this are numerous but can be summed up as follows: weak economic
growth, rising interest rates and very significant redemptions in small cap
funds with negligible retail demand. It is therefore pleasing to note that the
quoted portfolio significantly outperformed falling by about 3%.
Oryx and Odyssean taken together rose modestly, helped in particular by
encouraging performance in Oryx. The Trust's stand out success stories were
NIOX which rose by 75% following multiple earnings upgrades and Sureserve
rising over 40% following a successful takeover.
The principal disappointment was EKF which fell 30% as the business
repositions itself post COVID. Fund management stocks were also disappointing
with Assetco in particular notably weak. In the United States Mountain
Commerce fell 35% following turmoil in the banking industry. Despite the fall
the bank continues to perform well with negligible bad debt.
unquoted portfolio
Despite industry wide concerns relating to unquoted investments, the portfolio
continued to perform well during the period mainly due to our zero exposure to
technology stocks. Taken as a whole, the unquoted portfolio added
approximately £7m to the value of the Fund with the standout performance
coming from Spring (following outstandingly good results) +80% and Harwood
Private Equity V +8%.
Taken as a whole, the private equity funds continue to perform well and should
create further uplifts combined with significant cash inflow into the Trust
during the balance of the year.
conclusion
At the end of June 2023 the Trust had approximately £107m in cash broadly in
line with the January 2023 position despite the weakness in the dollar. We
continue to believe that there is significant value in our portfolio which
should be well placed to weather the very difficult economic environment
facing the UK.
A number of our unquoteds are in a sale process which should support increases
in both net asset value per share and liquidity as the year progresses.
Finally, the Trust's substantial cash reserves will enable it to benefit from
a more benign investing environment in the future.
C H B Mills
Chief Executive
14 September 2023
top ten investments as at 31 July 2023
Fair % of
value net assets
£'000
Oryx International Growth Fund Limited* UK Listed 81,494 12.2
US Treasury Bills US Treasury Stock 80,612 12.1
Harwood Private Equity Fund V LP UK Unquoted 49,015 7.4
Polar Capital Holdings plc UK Quoted on AIM 33,950 5.1
Hargreaves Services Plc UK Quoted on AIM 29,903 4.5
Ten Entertainment Group plc UK Listed 29,500 4.4
EKF Diagnostics Holdings plc UK Quoted on AIM 25,680 3.9
Odyssean Investment Trust Plc UK Listed 25,440 3.8
Niox Group UK Listed 25,350 3.8
MJ Gleeson Group plc UK Listed 23,045 3.5
403,989 60.7
* Traded price under IFRS 10, incorporated in Guernsey.
All investments are valued at fair value.
interim management report
investment objective
The objective of North Atlantic Smaller Companies Investment Trust PLC is to
provide capital appreciation to its shareholders through investing in a
portfolio of smaller companies which are principally based in countries
bordering the North Atlantic Ocean.
material events
The decline in COVID testing has had a material impact on some of the
Company's investments, and the war in Russia has created inflation which has
impacted markets in the UK and elsewhere.
material transactions
There were no material transactions during the period.
risk profile
The principal risks and uncertainties for the remaining six months of the year
continue to be as described in the Annual Report for the year ended 31 January
2022. The principal risks arising from the Company's financial instruments are
market price risk, including currency risk, interest rate risk and other price
risk, liquidity risk and credit risk. The Directors review and agree policies
with the Manager, Harwood Capital LLP, for managing these risks. The policies
have remained substantially unchanged in the six months since the year end.
The Company does not have any significant exposure to credit risk arising from
any one individual party. Credit risk is spread across a number of
counterparties, each having an immaterial effect on the Company's cash flows,
should a default happen. The Company assesses the credit worthiness of its
debtors from time to time to ensure that they are neither past due or
impaired.
To support its investment in unquoted companies, the Company may periodically
agree to guarantee all or part of the borrowings of investee companies.
Provision is made for any costs that may be incurred when the Directors
consider it likely that the guarantee will crystallise.
The Company's exposure to market price risk comprises mainly movements in the
value of the Company's investments. It should be noted that the prices of
options tend to be more volatile than the prices of the underlying securities.
The Manager assesses the exposure to market risk when making each investment
decision and monitors the overall level of market risk on the whole of the
investment portfolio on an ongoing basis.
The functional and presentational currency of the Company is Sterling, and
therefore, the Company's principal exposure to foreign currency risk comprises
investments priced in other currencies, principally US Dollars.
The Company invests in equities and other investments that are realisable.
related party transactions
These are listed in note 9 to the half yearly condensed financial statements
on page •.
By Order of the Board
Sir Charles Wake
Chairman
14 September 2023
responsibility statement
The Directors confirm to the best of their knowledge that:
· The condensed set of financial statements contained within this
half yearly financial report have been prepared in accordance with
International Accounting Standard ("IAS") 34 'Interim Financial Reporting' in
conformity with the requirement of the Companies Act 2006 and gives a true and
fair view of the assets, liabilities, financial position and profit of the
Company; and
· The half yearly financial report includes a fair review of the
information required by the FCA's Dis-closure and Transparency Rule 4.2.7R
being disclosure of important events that have occurred during the first six
months of the financial year, their impact on the condensed set of financial
statements and a description of the principal risks and uncertainties for the
remaining six months of the year; and
· The half yearly financial report includes a fair review of the
information required by the Disclosure and Transparency Rule 4.2.8R being
disclosure of related party transactions during the first six months of the
financial year, how they have materially affected the financial position of
the Company during the period and any changes therein.
The half yearly financial report was approved by the Board on 14 September
2023 and the above responsibility statement was signed on its behalf by:
Sir Charles Wake
Chairman
14 September 2023
condensed statement of comprehensive income (unaudited)
Six months ended Six months ended Year ended
31 July
31 July
31 January
2023
2022
2023
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Income 8,922 - 8,922 4,311 - 4,311 14,068 - 14,068
Net losses on investments at fair value - (27,643) (27,643) - (112,555) (112,555) - (99,450) (99,450)
Currency exchange (losses)/gains - (669) (669) - 3,805 3,805 - 3,954 3,954
total income 8,922 (28,312) (19,390) 4,311 (108,750) (104,439) 14,068 (95,496) (81,428)
Expenses
Investment management fee (note 9) (3,561) - (3,561) (3,976) - (3,976) (8,000) - (8,000)
Other expenses (731) - (731) (780) - (780) (1,560) - (1,560)
return before taxation 4,630 (28,312) (23,682) (445) (108,750) (109,195) 4,508 (95,496) (90,988)
Taxation (15) - (15) (17) - (17) (50) - (50)
return for the period 4,615 (28,312) (23,697) (462) (108,750) (109,212) 4,458 (95,496) (91,038)
earnings per ordinary share (note 5)
Basic and diluted (174.9p) (799.4p) (666.8p)
The total column of the statement is the Statement of Comprehensive Income of
the Company prepared in accordance with International Financial Reporting
Standards ("IFRS") in conformity with the requirement of the Companies Act
2006.
The supplementary revenue and capital columns are presented for information
purposes as recommended by the Statement of Recommended Practice ("SORP")
issued by the Association of Investment Companies ("AIC").
All items in the above Statement derive from continuing operations. No
operations were acquired or discontinued in the period.
The accompanying notes are an integral part of these financial statements.
condensed statement of changes in equity (unaudited)
Share Capital Share Capital Revenue Total
capital
reserve
£'000
£'000 redemption premium reserve
£'000
£'000
£'000
reserve
£'000
six months ended 31 July 2023
31 January 2023 680 190 1,301 685,504 5,681 693,356
Total comprehensive income for the period - - - (28,312) 4,615 (23,697)
Shares purchased for cancellation (4) 4 - (2,828) - (2,828)
31 July 2023 676 194 1,301 654,364 10,296 666,831
six months ended 31 July 2022
31 January 2022 683 187 1,301 783,080 4,215 789,466
Total comprehensive income for the period - - - (108,750) (462) (109,212)
Shares purchased for cancellation - - - - - -
31 July 2022 683 187 1,301 674,330 3,753 680,254
year ended 31 January 2023
31 January 2022 683 187 1,301 783,080 4,215 789,466
Total comprehensive income for the year - - - (95,496) 4,458 (91,038)
Shares purchased for cancellation (3) 3 - (2,080) - (2,080)
Dividend - - - - (2,992) (2,992)
31 January 2023 680 190 1,301 685,504 5,681 693,356
The accompanying notes are an integral part of these financial statements.
condensed balance sheet (unaudited)
As at As at As at
31 July
31 July
31 January
2023
2022
2023
£'000
£'000
£'000
non current assets
Investments at fair value through profit or loss 635,150 647,425 685,491
635,150 647,425 685,491
current assets
Trade and other receivables 6,329 2,927 2,553
Cash and cash equivalents 27,699 34,723 9,010
34,028 37,650 11,563
total assets 669,178 685,075 697,054
current liabilities
Trade and other payables (2,347) (4,821) (3,698)
total liabilities (2,347) (4,821) (3,698)
total assets less current liabilities 666,831 680,254 693,356
net assets 666,831 680,254 693,356
represented by:
Share capital 676 683 680
Capital redemption reserve 194 187 190
Share premium account 1,301 1,301 1,301
Capital reserve 654,364 674,330 685,504
Revenue reserve 10,296 3,753 5,681
total equity attributable to equity holders of the company 666,831 680,254 693,356
net asset value per ordinary share (note 6):
Basic and diluted 4,929p 4,980p 5,097p
The accompanying notes are an integral part of these financial statements.
condensed cash flow statement (unaudited)
Six months ended Six months ended Year ended
31 July
31 July
31 January
2023
2022
2023
£'000
£'000
£'000
cash flows from operating activities
Investment income received 6,752 2,961 12,903
Deposit interest received 96 16 152
Investment Manager's fees and performance fees paid (3,517) (4,025) (8,025)
Other cash payments (876) (600) (1,356)
cash received/(expended) from operations (note 7) 2,455 (1,648) 3,674
Taxation paid (15) (17) (50)
net cash inflow/(outflow) from
operating activities 2,440 (1,665) 3,624
cash flows from investing activities
Purchases of investments (204,318) (230,835) (592,922)
Sales of investments 227,331 186,930 520,245
net cash inflow/(outflow) from investing activities 23,013 (43,905) (72,677)
cash flows from financing activities
Dividend paid (2,992) - -
Repurchase of Ordinary Shares for cancellation (2,828) - (2,080)
net cash outflow from financing activities (5,820) - (2,080)
increase/(decrease) in cash and cash equivalents for the period 19,633 (45,570) (71,133)
cash and cash equivalents at the start of the period 9,010 76,029 76,029
Revaluation of foreign currency balances (944) 4,264 4,114
cash and cash equivalents at the end of the period 27,699 34,723 9,010
The accompanying notes are an integral part of these financial statements.
notes to the financial statements (unaudited)
1. a) basis of accounting
North Atlantic Smaller Companies Investment Trust plc is a company
incorporated and registered in England and Wales. The principal activity of
the Company is that of an investment trust company within the meaning of
Sections 1158/1159 of the Corporation Tax Act 2010.
The condensed financial statements of the Company have been prepared in
accordance with International Accounting Standard ("IAS") 34 - "Interim
Financial Reporting" in conformity with the requirement of the Companies Act
2006. The accounting policies and methods of computation followed in these
half-yearly condensed financial statements are consistent with the most recent
annual financial statements for the year ended 31 January 2023 included in the
Annual Report.
The financial statements have also been prepared in accordance with the AIC
SORP for the financial statements of investment trust companies and venture
capital trusts, except to any extent where it is not consistent with the
requirements of IFRS.
The financial information contained in this Half-Yearly Report does not
constitute statutory accounts as defined in the Companies Act 2006. The
financial information for the periods ended 31 July 2023 and 31 July 2022 have
not been audited or reviewed by the Company's Auditor. The figure and
financial information for the year ended 31 January 2023 are an extract from
the latest published audited financial statements, which have been filed with
the Registrar of Companies. The report of the Auditor on those financial
statements was unqualified and did not contain a statement under either
Section 498(2) or 498(3) of the Companies Act 2006.
b) functional currency
The functional currency of the Company is Pounds Sterling because this is the
primary economic currency in which the Company operates. The financial
statements are presented in Pounds Sterling rounded to the nearest thousand,
except where otherwise indicated.
c) significant accounting policies
The accounting policies applied are consistent with those of the Annual
Financial Report for the year ended 31 January 2023. Since the year end no new
standards have been adopted.
d) accounting developments
In the current period, the Company has applied a number of amendments to IFRS,
issued by the IASB mandatorily effective for an accounting period that begins
on or after 1 January 2023. These include annual improvements to IFRS, changes
in standards, legislative and regulatory amendments, changes in disclosure and
presentation requirements. The adoption of these has not had any material
impact on these condensed financial statements.
e) segmental reporting
The Directors are of the opinion that the Company is engaged in a single
segment of business, being investment business. The Company invests in smaller
companies principally based in countries bordering the North Atlantic Ocean.
f) going concern
The financial statements have been prepared on a going concern basis and on
the basis that approval as an investment trust company will continue to be
met. The Directors have made an assessment of the Company's ability to
continue as a going concern and are satisfied that the Company has the
resources to continue in business for the foreseeable future, being a period
of 12 months from the date when these financial statements were approved. The
longer-term economic effects of the pandemic are very difficult to predict but
in considering preparing the accounts on a going concern basis the Directors
noted the Company holds a portfolio of liquid investments whose value is a
multiple of liabilities. The Directors are of the view that the Company can
meet its obligations as and when they fall due. The cash and US treasury bills
available enables the Company to meet any funding requirements and finance
future additional investments. The Company is a closed-end fund, where assets
are not required to be liquidated to meet day-to-day redemptions.
2. investment management and performance fees
A Performance Fee is only payable if the investment portfolio, including Oryx
at the adjusted price, outperforms the Sterling adjusted Standard & Poor's
500 Composite Index at the end of each financial year and is limited to a
maximum payment of 0.5% of Shareholders' Funds, and is allocated 100% to
capital.
An amount would be included in these financial statements for the Performance
Fee that could be payable based on investment performance to 31 July 2023. At
that date, no Performance Fee, inclusive of VAT, has been accrued for in the
accounts (31 July 2022: £nil; 31 January 2023: £nil).
Further details of fees paid to the investment manager can be found in Note 9,
Related Party transactions.
3. taxation
The Company has an effective tax rate of 0%. The estimated effective tax rate
is 0% as investment gains are exempt from tax owing to the Company's status as
an Investment Trust and there is expected to be an excess of management
expenses over taxable income and thus there is no charge for corporation tax.
During the half year to 31 July 2023, the Company recognised a total charge of
£15,000 (half year to 31 July 2022: £17,000, year ended 31 January 2023:
£50,000), representing irrecoverable withholding tax paid on overseas
investment income.
4. dividends
For the year ended 31 January 2023, the Board declared an interim dividend of
22p per Ordinary share (31 January 2022: nil) which was paid on 24 February
2023. For the year end 31 January 2023, no final dividend was proposed (31
January 2022; nil).
5. earnings per ordinary share
Revenue Capital Total
Net Ordinary Per Net Ordinary Per Net Ordinary Per
return
Shares
Share
return
Shares
Share
return
Shares
Share
£'000
pence
£'000
pence
£'000
pence
six months ended 31 July 2023
Basic and diluted return per Share 4,615 13,546,346 34.1 (28,312) 13,546,346 (209.6) (23,697) 13,546,346 (174.9)
six
months ended 31 July 2022
Basic and diluted return per Share (462) 13,661,000 (3.4) (108,750) 13,661,000 (796.0) (109,212) 13,661,000 (799.4)
year ended 31 January 2023
Basic and diluted return per Share 4,458 13,653,763 32.6 (95,496) 13,653,763 (699.4) (91,038) 13,653,763 (666.8)
Basic return per Ordinary Share has been calculated using the weighted average
number of Ordinary Shares in issue during the period.
6. net asset value per ordinary share
The basic net asset value per Ordinary Share is based on net assets of
£666,831,000 (31 July 2022: £680,254,000; 31 January 2023: £693,356,000)
and on 13,527,634 Ordinary Shares (31 July 2022: 13,661,000; 31 January 2023:
13,602,068) being the number of Ordinary Shares in issue at the period end.
During the period to 31 July 2023, there were 74,434 shares bought back for
cancellation at a cost, including stamp duty of £2,828,000 (31 July 2022: no
shares bought back for cancellation; 31 January 2023: 58,932 shares at a cost,
including stamp duty of £2,080,000).
adjustment for Oryx
The Company has also reported an adjusted net asset value per share using
equity accounting, in accordance with its previous method of valuing its
investment in Oryx. The Company has chosen to report this net asset value per
share to show the difference derived if equity accounting were to be used.
Equity accounting permits the use of net asset value pricing for listed assets
which in the case of Oryx is higher than its fair value.
The values of Oryx, as at each period end, are as follows:
31 July 2023 £'000 31 July 2022 £'000 31 January 2023 £'000
Oryx at Fair value (traded price) 81,494 89,207 91,819
Oryx value using Equity Accounting 114,534 107,270 110,625
Increase in net assets using Equity Accounting 33,040 18,063 18,806
31 July 2023 31 July 2022 31 January 2023
Net asset value per Share
- Basic and diluted 4,929p 4,980p 5,097p
Net asset value per Share adjusted
- Basic and diluted 5,174p 5,112p 5,236p
7. reconciliation of total return before taxation to cash expended from operations
Six months Six months Year ended
ended ended 31 January 2023
31 July 2023 31 July 2022 £'000
£'000 £'000
Total return before taxation (23,682) (109,195) (90,988)
Losses on investments 28,312 108,750 95,496
Increase in debtors and accrued income (2,074) (1,379) (1,005)
(Decrease)/increase in creditors and accruals (101) 176 171
Cash expended from operations 2,455 (1,648) 3,674
8. investments
financial assets at fair value through profit or loss
This requires the Company to classify fair value measurements using a fair
value hierarchy that reflects the significance of the inputs used in making
the measurements. The fair value hierarchy consists of the following three
levels:
· Level 1 - Quoted prices (unadjusted) in active markets for
identical assets or liabilities.
· Level 2 - Inputs other than quoted prices included within Level 1
that are observable for the asset or liability, either directly (that is, as
prices) or indirectly (that is, derived from prices).
· Level 3 - Inputs for the asset or liability that are not based on
observable market data (unobservable inputs).
The level in the fair value hierarchy within which the fair value measurement
is categorised in its entirety is determined on the basis of the lowest level
input that is significant to the fair value measurement in its entirety.
For this purpose, the significance of an input is assessed against the fair
value measurement in its entirety. If a fair value measurement uses observable
inputs that require significant adjustment based on unobservable inputs, that
measurement is a Level 3 measurement. Assessing the significance of a
particular input to the fair value measurement in its entirety requires
judgement, considering factors specific to the asset or liability.
The determination of what constitutes 'observable' requires significant
judgement by the Company. The Company considers observable data from
investments actively traded in organised financial markets; fair value is
generally determined by reference to Stock Exchange quoted market bid prices
at the close of business on the Balance Sheet date, without adjustment for
transaction costs necessary to realise the asset.
The table below sets out fair value measurements as at the period end, by the
level in the fair value hierarchy into which the fair value measurement is
categorised.
six months ended 31 July 2023 Total Level 1 Level 2 Level 3
£'000
£'000
£'000
£'000
Equity investments at fair value 524,318 412,203 - 112,115
Fixed interest investments at fair value 110,832 80,612 - 30,220
Total 635,150 492,815 - 142,335
six months ended 31 July 2022 Total Level 1 Level 2 Level 3
£'000
£'000
£'000
£'000
Equity investments at fair value 526,771 449,256 - 77,515
Fixed interest investments at fair value 120,654 102,358 - 18,296
Total 647,425 551,614 - 95,811
year ended 31 January 2023 Total Level 1 Level 2 Level 3
£'000
£'000
£'000
£'000
Equity investments at fair value 553,609 450,094 - 103,515
Fixed interest investments at fair value 131,882 100,413 - 31,469
Total 685,491 550,507 - 134,984
reconciliation of level 3 movement - financial assets at 31 July 2023
Total Equity investments Fixed interest investments
£'000
£'000
£'000
Opening fair value at 31 January 2023 134,984 103,515 31,469
Purchases 3,083 2,882 201
Sales (43) (43) -
Total gains included in gains on investments in the statement of
comprehensive income:
- on assets sold (442) (290) (152)
- on assets held at the end of the period 4,753 6,051 (1,298)
Closing fair value 142,335 112,115 30,220
unquoted at directors' estimate of fair value
Unquoted investments are valued in accordance with the International Private
Equity and Venture Capital Valuation ("IPEV") Guidelines. Their valuation
incorporates all factors that market participants would consider in setting a
price. The primary valuation techniques employed to value the unquoted
investments are earnings multiples, recent transactions and the net asset
basis. Valuations in local currency are translated into Sterling at the
exchange rate ruling on the Balance Sheet date.
Included within the Statement of Comprehensive Income as at 31 July 2023, is a
gain of £5,018,000 relative to the movement in the fair value of the unquoted
investments valued using IPEV valuation techniques.
the valuation techniques applied are based on the following assumptions:
Unquoted investments are usually valued by reference to the valuation
multiples of similar listed companies or from transactions of similar
businesses. Where appropriate discounts are then applied to those comparable
multiples to reflect differences in size and liquidity. These enterprise
values are then adjusted for net debt to arrive at an equity valuation. Where
companies are in compliance with the loan note terms these loans are generally
held at par plus accrued interest (where applicable) unless the enterprise
value suggests that the debt cannot be recovered.
9. related party transactions
There have been no changes to the related party arrangements or transactions
as reported in the Statutory Annual Financial Report for the year ended 31
January 2023.
The Administrator, Harwood Capital LLP, is regarded as a related party of the
Company. The amounts incurred by Harwood Capital LLP and Growth Financial
Services Limited in respect of investment management for the period are as
follows:
Six months ended Six months ended Year ended
31 July 2023 31 July 2022 31 January 2023
£'000 £'000 £'000
Fees due to Harwood Capital LLP 2,137 2,376 4,800
Fees due to GFS 1,424 1,600 3,200
Performance fee - - -
Irrecoverable VAT thereon - - -
Irrecoverable VAT thereon - PYA - - -
3,561 3,976 8,000
At 31 July 2023, £356,000 was payable to Harwood Capital in respect of
outstanding management fees (31 July 2022: £376,000, 31 January 2023:
£400,000). At 31 July 2023, there was no fee payable to GFS in respect of
outstanding performance fees (31 July 2022: £nil, 31 January 2023: £nil) net
of VAT.
Fees paid to Directors, for the six months ended 31 July 2023 amounted to
£97,000 (six months ended 31 July 2022: £79,000; year ended 31 January 2023:
£170,000).
At 31 July 2023, £18,000 was payable to Directors in respect of outstanding
fees (31 July 2022: £13,000, 31 January 2023 £16,000).
shareholder information
financial calendar
Announcement of results and annual report May
Annual General Meeting June
Half Yearly figures announced September
Half Yearly Report posted September
share price
The Company's mid-market share price is quoted daily in the Financial Times
appearing under "Investment Companies".
It also appears on:
SEAQ Ordinary Shares: NAS
Trustnet: www.trustnet.com
net asset value
The latest net asset value of the Company can be found on the Company's
website: www.nascit.co.uk
share dealing
Investors wishing to purchase more Ordinary Shares or dispose of all or part
of their holding may do so through a stockbroker. Many banks also offer this
service.
The Company's registrars are Link Group. In the event of any queries regarding
your holding of shares, please contact the registrars on: 0871 664 0300, or by
email on enquiries@linkgroup.co.uk
Changes of name or address must be notified to the registrars in writing at:
Link Group
10(th) Floor
Central Square
29 Wellington Street
Leeds LS1 4DL
Directors
Sir Charles Wake (Chairman)
Christopher Mills (Chief Executive)
Lord Howard of Rising
G Walter Loewenbaum
Peregrine Moncreiffe
Administrator
Harwood Capital LLP
(Authorised and regulated by the Financial Conduct Authority)
6 Stratton Street
Mayfair
London W1J 8LD
Telephone: 020 7640 3200
Financial Adviser and Stockbroker
Winterflood Investment Trusts
The Atrium Building
Cannon Bridge
25 Dowgate Hill
London EC4R 2GA
Registered Office
6 Stratton Street
Mayfair
London W1J 8LD
Telephone: 020 7640 3200
Registrars
Link Group
10(th) Floor
Central Square
29 Wellington Street
Leeds LS1 4DL
Auditors
RSM UK Audit LLP
25 Farringdon Street
London EC4A 4AB
Company Secretary
SGH Company Secretaries Limited
60 Gracechurch Street
London EC3V 0HR
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